N-CSR 1 astor_ncsr.htm N-CSR

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-21720

Northern Lights Fund Trust

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-490-4300

Date of fiscal year end: 7/31

Date of reporting period: 7/31/23

Item 1. Reports to Stockholders.

(a)

Astor Dynamic Allocation Fund

Class A: ASTLX Class C: ASTZX Class I: ASTIX

Astor Sector Allocation Fund

Class A: ASPGX Class C: CSPGX Class I: STARX

Astor Macro Alternative Fund

Class A: ASTMX Class I: GBLMX

Annual Report

July 31, 2023

1-877-738-0333

Distributed by Northern Lights Distributors, LLC

Member FINRA

Market Overview

The financial markets spent the balance of 2022 digesting the ongoing Federal Reserve (the “Fed”) rate hike campaign and corresponding inflation outlook, looking for visibility on a terminal Fed Funds rate. Equity markets continued their declines in sympathy with a decelerating economy, higher discount rates (and borrowing costs) and murky forward outlook. Mid-August through mid-October sent U.S. equities to their lowest point of the market drawdown. Markets found their footing in Q4 ’22 after steep declines, but volatility and uncertainty were persistent.

The predominant theme in early 2023 that impacted markets was the pull back in interest rates. This, combined with a moderating inflation picture, generally resulted in higher risk asset/equity prices and a rally in short and long-term fixed income prices. However, it wasn’t as simple as the surface view. Markets began to price in moderating inflation as we began Q1 ’23. As we moved toward the later part of the quarter, the view that inflation (and its causes) would be more stubborn and not subside as quickly. The labor market didn’t respond quite the way the Fed hoped against a higher rate (and tighter labor market) backdrop. Short term rates moved to price in more aggressive rate hikes.

Just as this became the general house view, an acute shock to the banking system arose with a few western U.S. banks. While the causes appeared idiosyncratic to these banks’ activities, fears of deeper-rooted issues in the sector caused a few runs on deposits and more widespread fear amongst investors. The immediate reaction was a sharp drop in interest rates, with equity markets declining in sympathy. Rates traded in a lower range for a few weeks as the banking concerns were digested.

Equity markets undoubtedly conveyed a positive view on the state of the economy in Q2 ’23 and into early Q3, specifically a dis-inflationary environment that had provided some concise estimates on where the Fed’s terminal rate may end up (in this hiking cycle). At the same time, a resilient labor market and consumer services PMI (Purchasing Manager’s Index) helped to assuage fears of an imminent recession. But on the other side of this coin were manufacturing PMIs that continued to falter (below 50) and signs (some anecdotal) that consumer spending would begin to be hampered and that the ‘bite’ from Fed rate hikes have not completely been felt to this point.

Astor Dynamic Allocation Fund – the fund returned 4.93% (Class I) for the period of 8.1.2022 – 7.31.2023. This compares to 13.02% for the S&P 500 Total Return Index and 6.43% for the 60/40 S&P 500/Bloomberg U.S. Aggregate Bond Blended index over the same period.

This was a tale of two calendar years, if you will. In 2022, financial markets declined substantially against the backdrop of rising inflation and a vigorous rate hike cycle from the Fed. Economic activity slowed decisively, led by manufacturing. The U.S. labor market stayed resilient, which helped consumers continue to spend, keeping services index from contracting. Additionally, the portfolio management team kept fixed income duration well below that of the U.S. Aggregate Bond benchmark.

Coming into 2023, the fund had lower levels of beta (~0.2). Broad equity markets have been solid to strong this year through the end of July. The fund has maintained lower duration in fixed income, which has helped outperform the fixed income portion of the 60/40 benchmark. Overall, lower equity exposure has been a drag versus the S&P 500. Returns have been uneven, with large, mega cap tech

stocks leading the charge, aiding the cap-weighted benchmark index, which has outperformed the S&P 500 equal weight index by almost 1000 basis points YTD in 2023.

Astor Sector Allocation Fund – The fund was up 4.32% (Class I) for the period of 8.1.2022 – 7.31.2023. This compares to 13.02% for the S&P 500 Total Return Index

The fund reduced equity exposure further during the latter part of the year (from the first half of the year). This helped the strategy mitigate the majority of losses experienced by the S&P 500 from 8.1.2022 through the end of the 2022. To date in 2023, we have seen the opposite happen. With equity exposure ranging between 25% and 45% (model weight) and the S&P 500 up just over 20% from the start of the year (through 7.31.2023), the fund has lagged behind the benchmark YTD.

As discussed in prior sections, equity returns have not been evenly distributed across market segments, especially in 2023. Mega cap tech has led the market higher, helping the cap-weighted S&P 500 outpace the S&P 500 equal weight index by almost double. As you might imagine, this profile held within the sector exposures as well. Technology was the best performing sector overall. Within the sector, we saw a distinction between large/mega-cap exposure compared with down market cap technology companies. The communications sector has also seen had strong performance in 2023. Much of this was driven, again, by mega-cap tech. Consumer discretionary has also had a very good year. After that, there is quite a big gap in the next best sector. Fixed income exposure in the portfolios has been very short duration and high credit quality.

Astor Macro Alternative Fund – the fund was down -2.66% for the period 8.1.22 to 7.31.23. The S&P 500 Total Return Index performance was 13.02% for the period.

The back half of 2022 was a challenging period. The depth of the losses for the year in both fixed income and equities occurred in October 2022, however volatility remained through year-end. The Astor Macro Alternative Fund was positive for the period 8.1.22 – 12.31.22, while commodities, equities and fixed income were generally down. Moving into 2023, the picture switched. As discussed in prior sections, equities have had a solid year, but have been really concentrated in large and mega-cap tech. Fixed income markets have been focused on Fed policy and the evolving inflation picture, trying to extract any new information as the next move in yields, spread and the yield curve. Commodities had a challenging start to 2023 based on moderating inflation. However, commodities have had a good rally in the last few months as the idea of higher entrenched inflation coordinated with a rise in energy prices, etc.

The asset allocation (ETF) component of the fund has been the best contributor over the reference period in this letter. Within this component, short treasury and floating rate IG (Investment Grade) were the biggest drivers, taking advantage of higher rate moves while mitigating the duration impact of higher yields. On the futures side, the commodity value model was a solid contributor. The bond value model was also a contributor, but this was offset by the bond trend system, which was whipsawed by the moves in 2023, specifically the move in yields post regional bank crisis (short bonds as yields going in as rates moved higher).

Market and Economy Looking Forward

As we move through Q3 ’23 (at time of writing) and look toward the balance of the year, the picture moving forward is one of ambiguity. Labor market growth contrasts with generally tight labor market conditions, meaning wage growth could stay somewhat problematic for the Fed. The housing market has picked back up again, but prices remain elevated and higher rates have made buying the same home costlier than two years ago. Supply is not helping this either.

None of this means a hard landing. However, the work gets harder from here, as equity markets have had an above average YTD. Disinflation has improved the mood through the summer of 2023. With a labor market resilient to Fed hikes thus far, the question will be how this plays declining rates, at least for the balance of this year, will most likely not be the white night investors have come to know and love in recent decades.

3374-NLD-09/20/2023

ASTOR DYNAMIC ALLOCATION FUND

PORTFOLIO REVIEW (Unaudited)

July 31, 2023

Average Annual Total Return through July 31, 2023*, as compared to its benchmarks:

	One Year	Five Year	Ten Year	Inception (1)	Inception (2)	Inception (3)
Astor Dynamic Allocation Fund - Class A Shares	4.65%	2.77%	4.96%	N/A	N/A	4.95%
Astor Dynamic Allocation Fund - Class A Shares With Load	-0.34%	1.77%	4.45%	N/A	N/A	4.51%
Astor Dynamic Allocation Fund - Class C Shares	3.79%	1.99%	4.17%	N/A	3.46%	N/A
Astor Dynamic Allocation Fund - Class I Shares	4.93%	3.02%	5.22%	4.50%	N/A	N/A
S&P 500 Total Return Index **	13.02%	12.20%	12.66%	13.14%	13.08%	14.01%
60/40 S&P 500/Bloomberg U.S. Aggregate Bond Blended Index ***	6.43%	7.87%	8.33%	8.94%	8.86%	9.10%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s total annual operating expenses, including underlying funds, are 1.83%, 2.58%, and 1.58% for Class A, Class C, and Class I respectively, per the most recent prospectus. After fee waivers and/or reimbursements, the Fund’s net operating expense, including underlying funds, is 1.65%, 2.40%, and 1.40% for Class A, Class C, and Class I shares, respectively. Pursuant to a written contract (the “Waiver Agreement”), the advisor has agreed, at least until November 30, 2023, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers, other than the advisor)) do not exceed 1.40%, 2.15%, and 1.15% for Class A, Class C, and Class I shares, respectively. Class A shares are subject to a maximum sales charge of 4.75% of the purchase price. Performance figures for periods greater than one year are annualized. For performance information current to the most recent month-end, please call 1-877-738-0333.

The S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies. This Index is widely used by professional investors as a performance benchmark for large-cap stocks. You cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

***

The 60/40 S&P 500/Bloomberg U.S. Aggregate Bond Blended Index is compromised of 60% of the S&P 500 Total Return Index and 40% of the Bloomberg U.S. Aggregate Bond Index. The Blended Index rebalances its weightings on a monthly frequency. You cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

(1)

Class I inception date is October 19, 2009.

(2)

Class C inception date is March 12, 2010.

(3)

Class A inception date is November 30, 2011.

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

The Fund’s holdings by asset class, as of July 31, 2023 are as follows:

Asset Classes	% of Net Assets
Exchange Traded Funds - Fixed Income		58.3	%
Exchange Traded Funds - Equity		39.1	%
Short-Term Investments		1.8	%
Other Assets In Excess of Liabilities		0.8	%
Total		100.0	%

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

ASTOR SECTOR ALLOCATION FUND

PORTFOLIO REVIEW (Unaudited)

July 31, 2023

Average Annual Total Return through July 31, 2023*, as compared to its benchmark:

	One Year	Five Year	Ten Year	Since Inception (1)	Since Inception (2)
Astor Sector Allocation Fund - Class A Shares	4.05%	4.94%	6.26%	N/A	7.75%
Astor Sector Allocation Fund - Class A Shares With Load	-0.91%	3.93%	5.75%	N/A	7.30%
Astor Sector Allocation Fund - Class C Shares	3.27%	4.17%	5.47%	N/A	6.95%
Astor Sector Allocation Fund - Class I Shares	4.32%	5.22%	N/A	5.96%	N/A
S&P 500 Total Return Index **	13.02%	12.20%	12.66%	12.21%	14.01%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s total annual operating expenses, including underlying funds, are 2.29%, 3.04%, and 2.04% for Class A, Class C, and Class I respectively, per the most recent prospectus. After fee waivers and/or reimbursements, the Fund’s net operating expenses, including underlying funds, are 1.62%, 2.37%, and 1.37% for Class A, Class C and Class I shares, respectively. Pursuant to a written contract (the “Waiver Agreement”), the advisor has agreed, at least until November 30, 2023, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers, other than the advisor)) do not exceed 1.40%, 2.15% and 1.15%, for Class A, Class C, Class I shares, respectively. Class A shares are subject to a maximum sales charge of 4.75% of the purchase price. For performance information current to the most recent month-end, please call 1-877-738-0333.

(1)

Class I inception date is January 6, 2014.

(2)

Class A and C inception date is November 30, 2011.

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

ASTOR SECTOR ALLOCATION FUND

PORTFOLIO REVIEW (Unaudited) (Continued)

July 31, 2023

The Fund’s holdings by asset class, as of July 31, 2023 are as follows:

Asset Classes	% of Net Assets
Exchange Traded Funds - Fixed Income		73.1	%
Exchange Traded Funds - Equity		25.5	%
Short Term Investments		1.6	%
Liabilities in Excess of Other Assets		-0.2	%
Total		100.0	%

Please refer to the Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

ASTOR MACRO ALTERNATIVE FUND

PORTFOLIO REVIEW (Unaudited)

July 31, 2023

Average Annual Total Return through July 31, 2023*, as compared to its benchmark:

	One Year	Five Year	Ten Year	Since Inception (1)	Since Inception (2)
Astor Macro Alternative Fund - Class A Shares	-2.88%	N/A	N/A	N/A	-4.51%
Astor Macro Alternative Fund - Class A Shares With Load	-7.51%	N/A	N/A	N/A	-6.39%
Astor Macro Alternative Fund - Class I Shares	-2.66%	3.45%	N/A	4.20%	N/A
S&P 500 Total Return Index **	13.02%	12.20%	N/A	12.04%	8.31%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. The Fund’s total annual operating expense, including underlying funds, are 2.61% and 2.36% for Class A and Class I, respectively, per the most recent prospectus. After fee waivers and/or reimbursements, the Fund’s net operating expense, including underlying funds, is 2.14% and 1.89% for Class A and Class I shares, respectively. Pursuant to a written contract (the “Waiver Agreement”), the advisor has agreed, at least until November 30, 2023, to waive a portion of its advisory fee and has agreed to reimburse the Funds for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers, other than the advisor)) do not exceed 1.90% and 1.65% for Class A and Class I shares, respectively. Class A shares are subject to a maximum sales charge of 4.75% of the purchase price. Performance figures for periods greater than one year are annualized. For performance information current to the most recent month-end, please call 1-877-738-0333.

(1)

Class I inception date is June 22, 2015.

(2)

Class A inception date is February 24, 2021.

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

The Fund’s holdings by asset class, as of July 31, 2023 are as follows:

Asset Classes	% of Net Assets
Exchange Traded Funds - Fixed Income		72.2	%
Exchange Traded Funds - Equity		7.8	%
Exchange Traded Funds - Mixed Allocation		9.6	%
Other Assets in Excess of Liabilities		10.4	%
Total		100.0	%

Please refer to the Consolidated Schedule of Investments in this annual report for a detailed listing of the Fund’s holdings.

ASTOR DYNAMIC ALLOCATION FUND

SCHEDULE OF INVESTMENTS

July 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 97.4%
		EQUITY - 39.1%
	32,279	Invesco S&P 500 Equal Weight ETF	$	4,999,372
	76,658	iShares MSCI Emerging Markets ex China ETF		4,144,131
	178,677	SPDR Portfolio S&P 1500 Composite Stock Market ETF		10,061,302
	205,659	SPDR Portfolio S&P 500 ETF		11,066,511
	64,392	SPDR SSGA US Large Cap Low Volatility Index ETF		9,163,625
				39,434,941
		FIXED INCOME - 58.3%
	50,207	Goldman Sachs Access Treasury 0-1 Year ETF		5,022,708
	242,263	Janus Henderson AAA CLO ETF		12,172,504
	367,928	SPDR Bloomberg Investment Grade Floating Rate ETF		11,299,069
	165,421	SPDR Bloomberg 1-3 Month T-Bill ETF		15,185,648
	376,013	SPDR Portfolio Short Term Corporate Bond ETF		11,092,384
	83,905	VictoryShares Core Short-Term Bond ETF		4,120,575
				58,892,888

		TOTAL EXCHANGE-TRADED FUNDS (Cost $95,592,407)		98,327,829

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.8%
		MONEY MARKET FUNDS - 1.8%
	1,816,280	First American Government Obligations Fund Class X, 5.05% (Cost $1,816,280)^(a)		1,816,280

		TOTAL INVESTMENTS - 99.2% (Cost $97,408,687)	$	100,144,109
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.8%		801,833
		NET ASSETS - 100.0%	$	100,945,942

ETF	- Exchange-Traded Fund

MSCI	- Morgan Stanley Capital International

SPDR	- Standard & Poor’s Depositary Receipt

^(a)

Rate disclosed is the seven day effective yield as of July 31, 2023.

ASTOR SECTOR ALLOCATION FUND

SCHEDULE OF INVESTMENTS

July 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.6%
		EQUITY - 25.5%
	7,085	Consumer Discretionary Select Sector SPDR Fund	$	1,230,948
	11,020	Consumer Staples Select Sector SPDR Fund		834,765
	5,465	Energy Select Sector SPDR Fund		478,078
	11,350	Health Care Select Sector SPDR Fund		1,522,603
	8,581	Industrial Select Sector SPDR Fund		947,514
	3,281	Materials Select Sector SPDR Fund		281,247
				5,295,155
		FIXED INCOME - 73.1%
	53,294	Blackrock Short Maturity Bond		2,654,308
	21,071	Goldman Sachs Access Treasury 0-1 Year ETF		2,107,943
	23,840	iShares Short Treasury Bond ETF		2,632,890
	94,882	SPDR Bloomberg Investment Grade Floating Rate ETF		2,913,826
	23,818	SPDR Bloomberg 1-3 Month T-Bill ETF		2,186,492
	91,787	SPDR Portfolio Short Term Corporate Bond ETF		2,707,716
				15,203,175

		TOTAL EXCHANGE-TRADED FUNDS (Cost $20,016,950)		20,498,330

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 1.6%
		MONEY MARKET FUNDS - 1.6%
	329,908	First American Government Obligations Fund Class X, 5.05% (Cost $329,908)^(a)		329,908

		TOTAL INVESTMENTS - 100.2% (Cost $20,346,858)	$	20,828,238
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(36,088	)
		NET ASSETS - 100.0%	$	20,792,150

ETF	- Exchange-Traded Fund

SPDR	- Standard & Poor’s Depositary Receipt

^(a)

Rate disclosed is the seven day effective yield as of July 31, 2023.

ASTOR MACRO ALTERNATIVE FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

July 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 89.6%
		EQUITY - 7.8%
	21,072	Alerian MLP ETF	$	879,124
	465	Invesco QQQ Trust Series 1		178,411
	637	iShares MSCI Chile ETF		19,722
	435	iShares MSCI India ETF		19,471
	2,499	iShares MSCI Indonesia ETF		58,627
	309	iShares MSCI Mexico ETF		20,094
	1,246	iShares MSCI Taiwan ETF		59,658
	884	iShares MSCI Thailand ETF		62,534
	2,142	iShares MSCI Turkey ETF		72,421
				1,370,062
		FIXED INCOME - 72.2%
	15,373	iShares 20+ Year Treasury Bond ETF		1,538,069
	104,703	iShares Floating Rate Bond ETF		5,325,194
	47,677	iShares Short Treasury Bond ETF		5,265,448
	9,555	iShares Trust iShares 1-5 Year Investment Grade		480,712
				12,609,423
		MIXED ALLOCATION - 9.6%
	54,582	KFA Mount Lucas Managed Futures Index Strategy ETF		1,674,592

		TOTAL EXCHANGE-TRADED FUNDS (Cost $15,504,035)		15,654,077

		TOTAL INVESTMENTS - 89.6% (Cost $15,504,035)	$	15,654,077
		OTHER ASSETS IN EXCESS OF LIABILITIES- 10.4%		1,817,788
		NET ASSETS - 100.0%	$	17,471,865

OPEN FUTURES CONTRACTS

Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(a)		Value and Unrealized Appreciation (Depreciation)
	14	3 Month Euro Euribor Future^(b)	03/18/2024	$	3,702,249	$	(823	)
	19	CME British Pound Currency Future^(b)	09/18/2023		1,524,869		(20,269	)
	11	CME Euro Foreign Exchange Currency Future^(b)	09/18/2023		1,515,869		24,214
	11	CME Lean Hogs Future^(b)	10/13/2023		378,400		12,500
	20	Montreal Exchange 3 Month Canadian Bank Acceptance^(b)	03/18/2024		3,581,559		(5,646	)
	7	NYBOT CSC C Coffee Future^(b)	09/19/2023		432,206		(10,969	)
	6	NYMEX Henry Hub Natural Gas Futures^(b)	01/29/2024		222,660		600
	5	NYMEX Light Sweet Crude Oil Future^(b)	12/19/2023		399,250		22,050

ASTOR MACRO ALTERNATIVE FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

July 31, 2023

OPEN FUTURES CONTRACTS (Continued)

Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount^(a)		Value and Unrealized Appreciation (Depreciation)
	3	NYMEX Reformulated Gasoline Blendstock for Oxygen^(b)	08/31/2023	$	364,833	$	12,940
	12	Three Month SONIA Index Futures^(b)	06/18/2024		3,626,644		(3,387	)
		TOTAL LONG FUTURES CONTRACTS				$	31,210

OPEN FUTURES CONTRACTS

Number of Contracts		Open Short Futures Contracts	Expiration	Notional Amount^(a)		Value and Unrealized Appreciation (Depreciation)
	27	CBOT 10 Year US Treasury Note^(b)	09/20/2023	$	3,007,969	$	29,141
	15	CBOT Corn Future^(b)	12/14/2023		384,750		11,200
	5	CBOT Soybean Oil Future^(b)	12/14/2023		179,970		(11,784	)
	8	CBOT Wheat Future^(b)	09/14/2023		266,300		10,912
	184	CME Brazilian Real Currency Future^(b)	08/31/2023		3,865,840		(15,290	)
	49	CME Japanese Yen Currency Future^(b)	09/18/2023		4,337,725		15,144
	14	CME Live Cattle Future^(b)	10/31/2023		1,005,340		8,550
	14	Eurex 10 Year Euro BUND Future^(b)	09/07/2023		2,047,504		4,236
	8	Long Gilt Future^(b)	09/27/2023		987,024		(2,117	)
	30	Montreal Exchange 10 Year Canadian Bond Future^(b)	09/20/2023		2,732,526		12,992
	37	NYBOT CSC Cocoa Future^(b)	09/14/2023		1,312,760		(29,500	)
	9	NYBOT CTN Number 2 Cotton Future^(b)	12/06/2023		381,240		(28,685	)
	9	NYBOT CSC Number 11 World Sugar Future^(b)	09/29/2023		243,029		(10,427	)
	3	NYMEX NY Harbor ULSD Futures^(b)	08/31/2023		376,173		(29,597	)
	13	SFE 10 Year Australian Bond Future^(b)	09/15/2023		1,011,603		5,021
	1	TSE Japanese 10 Year Bond Futures^(b)	09/12/2023		1,031,848		(422	)
		TOTAL SHORT FUTURES CONTRACTS				$	(30,626	)

ETF	- Exchange-Traded Fund

MSCI	- Morgan Stanley Capital International

SONIA	- Sterling Overnight Index Average

^(a)

The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

^(b)

All or a portion of this investment is a holding of the AMA (AMA Fund Limited).

The Astor Funds

STATEMENTS OF ASSETS AND LIABILITIES

July 31, 2023

					Astor Macro
	Astor Dynamic		Astor Sector		Alternative Fund
	Allocation Fund		Allocation Fund		(Consolidated)
ASSETS
Investment securities:
At cost	$	97,408,687	$	20,346,858	$	15,504,035
At value	$	100,144,109	$	20,828,238	$	15,654,077
Deposits for futures contracts		—		—		1,891,253
Net unrealized appreciation on futures contracts		—		—		584
Dividends and interest receivable		9,366		1,645		1,010
Receivable for securities sold		871,621		—		993,651
Receivable for Fund shares sold		141,238		46,627		3,933
Prepaid expenses and other assets		12,119		16,085		15,998
TOTAL ASSETS		101,178,453		20,892,595		18,560,506

LIABILITIES
Due to custodian		—		—		790,415
Distribution (12b-1) fees payable		14,833		2,940		380
Investment advisory fees payable		65,107		609		1,641
Payable to related parties		53,812		12,079		16,406
Payable for Fund shares redeemed		58,197		66,381		228,532
Accrued expenses and other liabilities		40,562		18,436		51,267
TOTAL LIABILITIES		232,511		100,445		1,088,641
NET ASSETS	$	100,945,942	$	20,792,150	$	17,471,865

Net Assets Consist Of:
Paid in capital ($0 par value, unlimited shares authorized)	$	99,302,811	$	18,992,673	$	18,920,815
Accumulated earnings (losses)		1,643,131		1,799,477		(1,448,950	)
NET ASSETS	$	100,945,942	$	20,792,150	$	17,471,865

See accompanying notes to financial statements.

The Astor Funds

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

July 31, 2023

					Astor Macro
	Astor Dynamic		Astor Sector		Alternative Fund
	Allocation Fund		Allocation Fund		(Consolidated)
Net Asset Value Per Share:
Class A Shares:
Net Assets	$	10,085,731	$	7,606,528	$	539,760
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		813,607		526,613		53,299
Net asset value (Net Assets ÷ Shares Outstanding), and redemption price per share	$	12.40	$	14.44	$	10.13
Maximum offering price per share (4.75% sales charge)	$	13.02	$	15.16	$	10.64

Class C Shares:
Net Assets	$	16,928,618	$	5,485,909	$	—
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		1,465,435		423,061		—
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	11.55	$	12.97	$	—

Class I Shares:
Net Assets	$	73,931,593	$	7,699,713	$	16,932,105
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		5,933,544		521,975		1,665,109
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	12.46	$	14.75	$	10.17

See accompanying notes to financial statements.

The Astor Funds

STATEMENTS OF OPERATIONS

For the Year Ended July 31, 2023

							Astor Macro
	Astor Dynamic			Astor Sector			Alternative Fund
	Allocation Fund			Allocation Fund			(Consolidated)
INVESTMENT INCOME
Dividends	$	3,527,144		$	605,685		$	922,619
Interest		100,782			12,483			—
TOTAL INVESTMENT INCOME		3,627,926			618,168			922,619

EXPENSES
Investment advisory fees		1,045,446			211,781			391,254
Distribution (12b-1) fees, Class A shares		24,605			18,714			1,498
Distribution (12b-1) fees, Class C shares		194,885			70,727			—
Administrative services fees		139,345			44,767			59,181
Transfer agent fees		77,879			20,199			47,892
Third party administrative servicing fees		64,042			13,352			21,553
Registration fees		63,875			56,575			36,500
Accounting services fees		51,002			33,598			22,217
Printing expenses		24,498			5,106			10,001
Compliance officer fees		19,998			9,673			10,698
Audit fees		16,002			16,002			21,498
Custodian fees		15,808			6,001			7,501
Trustees fees and expenses		15,002			15,071			15,071
Legal fees		14,502			12,484			30,700
Miscellaneous expense		5,614			4,811			4,011
Insurance expense		4,015			2,920			3,285
Custody overdraft fees		—			—			2,995
TOTAL EXPENSES		1,776,518			541,781			685,855

Less: Fees waived and/or expenses reimbursed by the advisor		(292,013	)		(196,196	)		(223,888	)

NET EXPENSES		1,484,505			345,585			461,967
NET INVESTMENT INCOME		2,143,421			272,583			460,652

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from security transactions		(92,391	)		2,004,047			(55,411	)
Net realized loss from futures transactions		—			—			(591,090	)
Net realized gain from foreign currency transactions		—			—			57,327
Distributions of realized gains by underlying investment companies		—			—			9,763
Net change in net unrealized appreciation (depreciation) on investments		2,378,276			(1,502,085	)		169,363
Net change in unrealized appreciation (depreciation) on futures contracts		—			—			(693,840	)
Net change in unrealized appreciation (depreciation) on foreign currency translations		—			—			(116	)
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS		2,285,885			501,962			(1,104,004	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,429,306		$	774,545		$	(643,352	)

See accompanying notes to financial statements.

The Astor Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Astor Dynamic Allocation Fund
	For the			For the
	Year Ended			Year Ended
	July 31, 2023			July 31, 2022
FROM OPERATIONS
Net investment income	$	2,143,421		$	325,125
Net realized gain (loss) from security transactions		(92,391	)		7,059,512
Distributions of long term capital gains from underlying investment companies		—			12,646
Net change in unrealized appreciation (depreciation) on investments		2,378,276			(16,357,695	)
Net increase (decrease) in net assets resulting from operations		4,429,306			(8,960,412	)

DISTRIBUTIONS TO SHAREHOLDERS
Class A		(430,105	)		(1,509,389	)
Class C		(807,398	)		(3,769,460	)
Class I		(3,696,629	)		(13,661,361	)
Total distributions to shareholders		(4,934,132	)		(18,940,210	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold
Class A		1,960,072			2,527,139
Class C		564,043			1,099,079
Class I		11,916,435			18,347,518
Distributions reinvested
Class A		368,859			1,275,881
Class C		737,754			3,437,696
Class I		3,161,286			12,381,401
Cost of shares redeemed
Class A		(2,709,151	)		(2,856,184	)
Class C		(6,625,513	)		(7,697,199	)
Class I		(30,798,345	)		(35,605,490	)
Net decrease in net assets from shares of beneficial interest		(21,424,560	)		(7,090,159	)

TOTAL DECREASE IN NET ASSETS		(21,929,386	)		(34,990,781	)

NET ASSETS
Beginning of Year		122,875,328			157,866,109
End of Year	$	100,945,942		$	122,875,328

See accompanying notes to financial statements.

The Astor Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Astor Dynamic Allocation Fund
	For the			For the
	Year Ended			Year Ended
	July 31, 2023			July 31, 2022
SHARE ACTIVITY
Class A:
Shares Sold		161,875			179,302
Shares Reinvested		30,889			93,729
Shares Redeemed		(224,196	)		(210,249	)
Net increase (decrease) in shares of beneficial interest outstanding		(31,432	)		62,782

Class C:
Shares Sold		50,023			83,397
Shares Reinvested		66,482			268,780
Shares Redeemed		(586,801	)		(599,158	)
Net decrease in shares of beneficial interest outstanding		(470,296	)		(246,981	)

Class I:
Shares Sold		976,286			1,323,093
Shares Reinvested		263,899			905,913
Shares Redeemed		(2,535,657	)		(2,560,205	)
Net decrease in shares of beneficial interest outstanding		(1,295,472	)		(331,199	)

See accompanying notes to financial statements.

The Astor Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Astor Sector Allocation Fund
	For the			For the
	Year Ended			Year Ended
	July 31, 2023			July 31, 2022
FROM OPERATIONS
Net investment income (loss)	$	272,583		$	(92,360	)
Net realized gain from security transactions		2,004,047			853,516
Net change in unrealized appreciation (depreciation) on investments		(1,502,085	)		(2,541,118	)
Net increase (decrease) in net assets resulting from operations		774,545			(1,779,962	)

DISTRIBUTIONS TO SHAREHOLDERS
Class A		(370,089	)		(1,162,503	)
Class C		(349,896	)		(1,925,718	)
Class I		(377,388	)		(1,494,075	)
Total distributions to shareholders		(1,097,373	)		(4,582,296	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold
Class A		1,818,642			1,945,048
Class C		204,400			87,118
Class I		481,627			863,609
Distributions reinvested
Class A		348,720			1,091,457
Class C		323,991			1,818,163
Class I		362,517			1,433,408
Cost of shares redeemed
Class A		(2,299,230	)		(1,365,091	)
Class C		(3,627,677	)		(3,172,662	)
Class I		(1,550,413	)		(2,124,221	)
Net increase (decrease) in net assets from shares of beneficial interest		(3,937,423	)		576,829

TOTAL DECREASE IN NET ASSETS		(4,260,251	)		(5,785,429	)

NET ASSETS
Beginning of Year		25,052,401			30,837,830
End of Year	$	20,792,150		$	25,052,401

See accompanying notes to financial statements.

The Astor Funds

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Astor Sector Allocation Fund
	For the			For the
	Year Ended			Year Ended
	July 31, 2023			July 31, 2022
SHARE ACTIVITY
Class A:
Shares Sold		127,514			126,449
Shares Reinvested		24,997			67,624
Shares Redeemed		(161,353	)		(85,912	)
Net increase (decrease) in shares of beneficial interest outstanding		(8,842	)		108,161

Class C:
Shares Sold		15,779			5,654
Shares Reinvested		25,933			124,022
Shares Redeemed		(282,999	)		(218,255	)
Net decrease in shares of beneficial interest outstanding		(241,287	)		(88,579	)

Class I:
Shares Sold		32,829			51,743
Shares Reinvested		25,427			87,243
Shares Redeemed		(106,981	)		(128,097	)
Net increase (decrease) in shares of beneficial interest outstanding		(48,725	)		10,889

See accompanying notes to financial statements.

The Astor Funds

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Astor Macro Alternative Fund
	For the			For the
	Year Ended			Year Ended
	July 31, 2023			July 31, 2022
FROM OPERATIONS
Net investment income (loss)	$	460,652		$	(138,895	)
Net realized loss from security transactions, futures transactions and foreign currency transactions		(589,174	)		(3,775,929	)
Distributions of long term capital gains from underlying investment companies		9,763			10,343
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translations		(524,593	)		328,187
Net decrease in net assets resulting from operations		(643,352	)		(3,576,294	)

DISTRIBUTIONS TO SHAREHOLDERS
Class A		(6,954	)		(41,763	)
Class I		(293,434	)		(2,825,591	)
Total distributions to shareholders		(300,388	)		(2,867,354	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold
Class A		74,405			496,266
Class I		6,007,513			26,943,730
Distributions reinvested
Class A		6,763			40,540
Class I		263,966			2,667,401
Cost of shares redeemed
Class A		(87,715	)		(20,000	)
Class I		(21,831,870	)		(31,747,841	)
Net decrease in net assets from shares of beneficial interest		(15,566,938	)		(1,619,904	)

TOTAL DECREASE IN NET ASSETS		(16,510,678	)		(8,063,552	)

NET ASSETS
Beginning of Year		33,982,543			42,046,095
End of Year	$	17,471,865		$	33,982,543

SHARE ACTIVITY
Class A:
Shares Sold		7,126			41,287
Shares Reinvested		659			3,672
Shares Redeemed		(8,599	)		(1,842	)
Net increase (decrease) in shares of beneficial interest outstanding		(814	)		43,117

Class I:
Shares Sold		562,394			2,364,249
Shares Reinvested		25,495			240,958
Shares Redeemed		(2,071,475	)		(2,842,069	)
Net decrease in shares of beneficial interest outstanding		(1,483,586	)		(236,862	)

See accompanying notes to financial statements.

The Astor Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Astor Dynamic Allocation Fund Class A

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	July 31,			July 31,			July 31,			July 31,			July 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	12.39		$	15.13		$	12.86		$	13.44		$	13.83

Activity from investment operations:
Net investment income (1)		0.23			0.03			0.03			0.08			0.10
Net realized and unrealized gain (loss) on investments		0.32			(0.85	)		2.30			(0.33	)		(0.00	) (6)
Total from investment operations		0.55			(0.82	)		2.33			(0.25	)		0.10

Less distributions from:
Net investment income		(0.18	)		(0.06	)		(0.04	)		(0.09	)		(0.12	)
Net realized gains		(0.36	)		(1.86	)		(0.02	)		(0.22	)		(0.37	)
Return of capital		—			—			—			(0.02	)		—
Total distributions		(0.54	)		(1.92	)		(0.06	)		(0.33	)		(0.49	)

Net asset value, end of year	$	12.40		$	12.39		$	15.13		$	12.86		$	13.44
Total return (2)		4.65	%		(6.59	)%		18.20	%		(2.02	)%		1.25	%
Net assets, at end of year (000s)	$	10,086		$	10,469		$	11,834		$	14,089		$	17,290

Ratio of gross expenses to average net assets (3)(4)		1.67	%		1.58	%		1.59	%		1.53	%		1.50	%
Ratio of net expenses to average net assets (4)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Ratio of net investment income to average net assets (4)(5)		1.89	%		0.20	%		0.21	%		0.63	%		0.76	%
Portfolio Turnover Rate		73	%		122	%		111	%		116	%		79	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes any sales charges (loads) and redemption fees.

(3)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(4)

Does not include the expenses of other investment companies in which the Fund invests.

(5)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(6)

Amount represents less than $0.01 per share.

See accompanying notes to financial statements.

The Astor Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Astor Dynamic Allocation Fund Class C

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	July 31,			July 31,			July 31,			July 31,			July 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	11.60		$	14.33		$	12.26		$	12.87		$	13.30

Activity from investment operations:
Net investment income (loss) (1)		0.13			(0.07	)		(0.08	)		(0.02	)		(0.00	) (6)
Net realized and unrealized gain (loss) on investments		0.28			(0.79	)		2.19			(0.32	)		(0.00	) (6)
Total from investment operations		0.41			(0.86	)		2.11			(0.34	)		(0.00	) (6)

Less distributions from:
Net Investment income		(0.10	)		(0.01	)		(0.02	)		(0.03	)		(0.06	)
Net realized gains		(0.36	)		(1.86	)		(0.02	)		(0.22	)		(0.37	)
Return of capital		—			—			—			(0.02	)		—
Total distributions		(0.46	)		(1.87	)		(0.04	)		(0.27	)		(0.43	)

Net asset value, end of year	$	11.55		$	11.60		$	14.33		$	12.26		$	12.87
Total return (2)		3.79	%		(7.22	)%		17.25	%		(2.74	)%		0.51	%
Net assets, at end of year (000s)	$	16,929		$	22,446		$	31,288		$	33,278		$	30,916

Ratio of gross expenses to average net assets (3)(4)		2.42	%		2.33	%		2.34	%		2.28	%		2.25	%
Ratio of net expenses to average net assets (4)		2.15	%		2.15	%		2.15	%		2.15	%		2.15	%
Ratio of net investment income (loss) to average net assets (4)(5)		1.15	%		(0.55	)%		(0.55	)%		(0.14	)%		0.02	%
Portfolio Turnover Rate		73	%		122	%		111	%		116	%		79	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes any redemption fees.

(3)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(4)

Does not include the expenses of other investment companies in which the Fund invests.

(5)

Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(6)

Amount represents less than $0.01 per share.

See accompanying notes to financial statements.

The Astor Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Astor Dynamic Allocation Fund Class I

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	July 31,			July 31,			July 31,			July 31,			July 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	12.44		$	15.18		$	12.90		$	13.47		$	13.86

Activity from investment operations:
Net investment income (1)		0.26			0.06			0.06			0.11			0.14
Net realized and unrealized gain (loss) on investments		0.32			(0.86	)		2.31			(0.33	)		(0.01	)
Total from investment operations		0.58			(0.80	)		2.37			(0.22	)		0.13

Less distributions from:
Net investment income		(0.20	)		(0.08	)		(0.07	)		(0.10	)		(0.15	)
Net realized gains		(0.36	)		(1.86	)		(0.02	)		(0.22	)		(0.37	)
Return of capital		—			—			—			(0.03	)		—
Total distributions		(0.56	)		(1.94	)		(0.09	)		(0.35	)		(0.52	)

Net asset value, end of year	$	12.46		$	12.44		$	15.18		$	12.90		$	13.47
Total return (2)		4.93	%		(6.40	)%		18.49	%		(1.74	)%		1.47	%
Net assets, at end of year (000s)	$	73,932		$	89,960		$	114,744		$	180,929		$	177,450

Ratio of gross expenses to average net assets (3)(4)		1.42	%		1.33	%		1.34	%		1.28	%		1.25	%
Ratio of net expenses to average net assets (4)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of net investment income to average net assets (4)(5)		2.15	%		0.45	%		0.45	%		0.86	%		1.03	%
Portfolio Turnover Rate		73	%		122	%		111	%		116	%		79	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes any redemption fees.

(3)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(4)

Does not include the expenses of other investment companies in which the Fund invests.

(5)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

See accompanying notes to financial statements.

The Astor Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Astor Sector Allocation Fund Class A

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	July 31,			July 31,			July 31,			July 31,			July 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	14.58		$	18.23		$	14.08		$	15.57		$	18.31

Activity from investment operations:
Net investment income (loss) (1)		0.20			(0.02	)		0.02			0.06			0.07
Net realized and unrealized gain (loss) on investments		0.36			(0.85	)		4.18			(0.04	)		(0.48	)
Total from investment operations		0.56			(0.87	)		4.20			0.02			(0.41	)

Less distributions from:
Net investment income		(0.14	)		(0.03	)		(0.05	)		(0.02	)		(0.04	)
Net realized gains		(0.56	)		(2.75	)		—			(1.49	)		(2.29	)
Total distributions		(0.70	)		(2.78	)		(0.05	)		(1.51	)		(2.33	)

Net asset value, end of year	$	14.44		$	14.58		$	18.23		$	14.08		$	15.57
Total return (2)		4.05	%		(6.24	)%		29.87	%		(0.23	)%		0.66	%
Net assets, at end of year (000s)	$	7,607		$	7,808		$	7,790		$	8,148		$	10,934

Ratio of gross expenses to average net assets (3)(4)		2.28	%		2.08	% (6)		2.05	%		1.94	%		1.66	%
Ratio of net expenses to average net assets (4)		1.40	%		1.41	% (7)		1.40	%		1.40	%		1.40	%
Ratio of net investment income (loss) to average net assets (4)(5)		1.38	%		(0.11	)%		0.12	%		0.43	%		0.44	%
Portfolio Turnover Rate		80	%		84	%		166	%		119	%		138	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

(3)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(4)

Does not include the expenses of other investment companies in which the Fund invests.

(5)

Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(6)

Expenses before waivers (excluding overdraft custody expense of 0.01%) was 2.07% for the year ended July 31, 2022.

(7)

Expenses after waivers (excluding overdraft custody expense of 0.01%) was 1.40% for the year ended July 31, 2022.

See accompanying notes to financial statements.

The Astor Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Astor Sector Allocation Fund Class C

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	July 31,			July 31,			July 31,			July 31,			July 31
	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	13.18		$	16.82		$	13.07		$	14.64		$	17.46

Activity from investment operations:
Net investment income (loss)(1)		0.08			(0.13	)		(0.09	)		(0.04	)		(0.05	)
Net realized and unrealized gain (loss) on investments		0.34			(0.76	)		3.86			(0.04	)		(0.48	)
Total from investment operations		0.42			(0.89	)		3.77			(0.08	)		(0.53	)

Less distributions from:
Net investment income		(0.07	)		—			(0.02	)		—			(0.00	) (6)
Net realized gains		(0.56	)		(2.75	)		—			(1.49	)		(2.29	)
Total distributions		(0.63	)		(2.75	)		(0.02	)		(1.49	)		(2.29	)

Net asset value, end of year	$	12.97		$	13.18		$	16.82		$	13.07		$	14.64
Total return (2)		3.35	% (7)		(6.95	)% (7)		28.89	%		(0.97	)%		(0.09	)%
Net assets, at end of year (000s)	$	5,486		$	8,759		$	12,667		$	13,515		$	20,213

Ratio of gross expenses to average net assets (3)(4)		3.03	%		2.83	% (8)		2.80	%		2.69	%		2.41	%
Ratio of net expenses to average net assets (4)		2.15	%		2.16	% (9)		2.15	%		2.15	%		2.15	%
Ratio of net investment income (loss) to average net assets (4)(5)		0.63	%		(0.87	)%		(0.64	)%		(0.30	)%		(0.32	)%
Portfolio Turnover Rate		80	%		84	%		166	%		119	%		138	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes any redemption fees.

(3)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(4)

Does not include the expenses of other investment companies in which the Fund invests.

(5)

Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(6)

Amount represents less than $0.01 per share.

(7)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(8)

Expenses before waivers (excluding overdraft custody expense of 0.01%) was 2.82% for the year ended July 31, 2022.

(9)

Expenses after waivers (excluding overdraft custody expense of 0.01%) was 2.15% for the year ended July 31, 2022.

See accompanying notes to financial statements.

The Astor Funds

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Astor Sector Allocation Fund Class I

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	July 31,			July 31,			July 31,			July 31,			July 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	14.87		$	18.54		$	14.30		$	15.77		$	18.48

Activity from investment operations:
Net investment income (1)		0.24			0.02			0.05			0.11			0.11
Net realized and unrealized gain (loss) on investments		0.37			(0.86	)		4.25			(0.05	)		(0.47	)
Total from investment operations		0.61			(0.84	)		4.30			0.06			(0.36	)

Less distributions from:
Net investment income		(0.17	)		(0.08	)		(0.06	)		(0.04	)		(0.06	)
Net realized gains		(0.56	)		(2.75	)		—			(1.49	)		(2.29	)
Total distributions		(0.73	)		(2.83	)		(0.06	)		(1.53	)		(2.35	)

Net asset value, end of year	$	14.75		$	14.87		$	18.54		$	14.30		$	15.77
Total return (2)		4.32	%		(5.98	)%		30.18	%		0.03	%		0.97	%
Net assets, at end of year (000s)	$	7,700		$	8,486		$	10,381		$	10,711		$	19,528

Ratio of gross expenses to average net assets (3)(4)		2.03	%		1.83	% (6)		1.80	%		1.69	%		1.41	%
Ratio of net expenses to average net assets (4)		1.15	%		1.16	% (7)		1.15	%		1.15	%		1.15	%
Ratio of net investment income to average net assets (4)(5)		1.63	%		0.13	%		0.36	%		0.74	%		0.68	%
Portfolio Turnover Rate		80	%		84	%		166	%		119	%		138	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes any redemption fees.

(3)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(4)

Does not include the expenses of other investment companies in which the Fund invests.

(5)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(6)

Expenses before waivers (excluding overdraft custody expense of 0.01%) was 1.82% for the year ended July 31, 2022.

(7)

Expenses after waivers (excluding overdraft custody expense of 0.01%) was 1.15% for the year ended July 31, 2022.

See accompanying notes to financial statements.

The Astor Funds

CONSOLIDATED FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Year/Period Presented

	Astor Macro Alternative Fund Class A

	Year Ended			Year Ended			Period Ended
	July 31			July 31			July 31,
	2023			2022			2021 (1)
Net asset value, beginning of year/period	$	10.57		$	12.37		$	12.33

Activity from investment operations:
Net investment income (loss) (2)		0.16			(0.07	)		(0.03	)
Net realized and unrealized gain (loss) on investments		(0.47	)		(0.92	)		0.07
Total from investment operations		(0.31	)		(0.99	)		0.04

Less distributions from:
Net investment income		(0.13	)		—			—
Net realized gains		—			(0.81	)		—
Total distributions		(0.13	)		(0.81	)		—

Net asset value, end of year/period	$	10.13		$	10.57		$	12.37
Total return (3)		(2.97	)% (11)		(8.26	)%		0.32	% (7)
Net assets, at end of year/period (000s)	$	540		$	572		$	136

Ratio of gross expenses to average net assets (4)(5)		2.77	% (9)		2.37	%		2.46	% (8)
Ratio of net expenses to average net assets (5)		1.95	% (10)		2.00	%		2.00	% (8)
Ratio of net investment income (loss) to average net assets (5)(6)		1.45	%		(0.59	)%		(0.80	)% (8)
Portfolio Turnover Rate		103	%		381	%		270	% (7)

(1)

The inception date of the Astor Macros Alternative Fund Class A shares was February 24, 2021.

(2)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(3)

(4)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(5)

Does not include the expenses of other investment companies in which the Fund invests.

(6)

Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(7)

Not annualized.

(8)

Annualized.

(9)

Expenses before waivers (excluding overdraft custody expense of 0.01%) was 2.76% for the year ended July 31, 2023.

(10)

Expenses after waivers (excluding overdraft custody expense of 0.01%) was 1.94% for the year ended July 31, 2023.

(11)

See accompanying notes to financial statements.

The Astor Funds

CONSOLIDATED FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

	Astor Macro Alternative Fund Class I

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	July 31			July 31,			July 31,			July 31,			July 31,
	2023			2022			2021			2020			2019
Net asset value, beginning of year	$	10.61		$	12.38		$	11.69		$	11.89		$	11.07

Activity from investment operations:
Net investment income (loss) (1)		0.18			(0.04	)		(0.07	)		(0.06	)		(0.05	)
Net realized and unrealized gain (loss) on investments		(0.47	)		(0.92	)		0.99			1.14			1.25
Total from investment operations		(0.29	)		(0.96	)		0.92			1.08			1.20

Less distributions from:
Net investment income		(0.15	)		—			(0.11	)		(0.64	)		(0.11	)
Net realized gains		—			(0.81	)		(0.12	)		(0.64	)		(0.27	)
Total distributions		(0.15	)		(0.81	)		(0.23	)		(1.28	)		(0.38	)

Net asset value, end of year	$	10.17		$	10.61		$	12.38		$	11.69		$	11.89
Total return (2)		(2.76	)% (8)		(8.00	)%		7.94	%		9.93	%		11.54	%
Net assets, at end of year (000s)	$	16,932		$	33,410		$	41,910		$	13,546		$	6,706

Ratio of gross expenses to average net assets (3)(4)		2.52	% (6)		2.12	%		2.21	%		3.59	%		3.53	%
Ratio of net expenses to average net assets (4)		1.70	% (7)		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income (loss) to average net assets (4)(5)		1.70	%		(0.34	)%		(0.55	)%		(0.52	)%		(0.24	)%
Portfolio Turnover Rate		103	%		381	%		270	%		302	%		190	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes any redemption fees.

(3)

Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(4)

Does not include the expenses of other investment companies in which the Fund invests.

(5)

Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(6)

Expenses before waivers (excluding overdraft custody expense of 0.01%) was 2.51% for the year ended July 31, 2023.

(7)

Expenses after waivers (excluding overdraft custody expense of 0.01%) was 1.69% for the year ended July 31, 2023.

(8)

See accompanying notes to financial statements.

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2023

ORGANIZATION

The Astor Dynamic Allocation Fund, the Astor Sector Allocation Fund, and Astor Macro Alternative Fund (each a “Fund” or collectively the “Funds”) are each a diversified series of shares of beneficial interest of Northern Lights Fund Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on January 19, 2005, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Astor Dynamic Allocation Fund seeks total return through a combination of capital appreciation and income. The Astor Sector Allocation Fund seeks capital appreciation. The Astor Macro Alternative Fund seeks to provide positive returns over a market cycle regardless of market conditions or general market direction. Each Fund is a “fund of funds”, in that the funds will generally invest in other investment companies. The Astor Dynamic Allocation Fund commenced operations on October 19, 2009. The Astor Sector Allocation Fund commenced operations on November 30, 2011. The Astor Macro Alternative Fund commenced operations on June 22, 2015.

The Astor Dynamic Allocation Fund currently offers Class A, Class C, and Class I shares. Class C and Class I shares are offered at net asset value. Class A shares are offered at net asset value plus a maximum sales charge of 4.75%. The Astor Sector Allocation Fund currently offers Class A, Class C, and Class I shares. Class C and Class I shares are offered at net asset value and Class A shares are offered at net asset value plus a maximum sales charge of 4.75%. The Astor Macro Alternative Fund currently offers Class A and Class I shares. Class I shares are offered at net asset value and Class A shares are offered at net asset value plus a maximum sales charge of 4.75%. Each class represents an interest in the same assets of the respective Fund and classes of a Fund are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares of a Fund have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Fund’s income, expenses (other than class specific distribution fees), and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

The consolidated financial statements of the Astor Macro Alternative Fund include the Astor Macro Alternative Fund and its wholly owned subsidiary AMA Fund Limited (“AMA”). AMA commenced operations on June 22, 2015 and is incorporated in the Cayman Islands as an exempted investment company with limited liability.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services Investment Companies” including Accounting Standards Update (“ASU”) 2013-08.

Securities Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined or, in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. A Fund

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund’s holding. Short-term debt obligations with remaining maturities in excess of sixty days are valued at current market prices by an independent pricing service approved by the Board. Short-term debt obligations having sixty days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the “fair value” procedures approved by the Board. The Board designated the adviser as its valuation designee (the “Valuation Designee”) to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

Fair Valuation Process – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affects the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

Valuation of Fund of Funds – The Funds may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

closed-end investment company purchased by the Funds will not change. Each Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis.

Futures Contracts – The Astor Macro Alternative Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates, foreign currencies, or commodities. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund’s agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. If the Fund was unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Fund segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the consolidated statement of assets and liabilities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of July 31, 2023, for the Funds’ assets and liabilities measured at fair value:

Astor Dynamic Allocation Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	98,327,829	$	—	$	—	$	98,327,829
Money Market Fund		1,816,280		—		—		1,816,280
Total	$	100,144,109	$	—	$	—	$	100,144,109

Astor Sector Allocation Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	20,498,330	$	—	$	—	$	20,498,330
Money Market Fund		329,908		—		—		329,908
Total	$	20,828,238	$	—	$	—	$	20,828,238

Astor Macro Alternative Fund

Assets **	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	15,654,077	$	—	$	—	$	15,654,077
Open Futures Contracts ***		584		—		—		584
Total	$	15,654,661	$	—	$	—	$	15,654,661

The Funds did not hold any Level 2 or 3 securities during the year.

Refer to the Schedule of Investments for classification by asset class.

Refer to the Consolidated Schedule of Investments for classification by asset class.

***

Includes cumulative net unrealized appreciation on futures contracts open at July 31, 2023.

Consolidation of Subsidiaries – The consolidated financial statements of the Astor Macro Alternative Fund include AMA, a wholly-owned and controlled foreign corporation (“CFC”).

The Astor Macro Alternative Fund may invest up to 25% of its total assets in the CFC, which acts as an investment vehicle in order to effect certain investments consistent with the Astor Macro Alternative Fund’s investment objectives and policies. The Astor Macro Alternative Fund consolidates the results of subsidiaries in which the Astor Macro Alternative Fund holds a controlling economic interest. Controlling economic interest is generally deemed to exist with investment interests comprising greater than 50% of the net asset value of the subsidiary. However, the Astor Macro Alternative Fund may also consider qualitative aspects of control in determining if a controlling economic interest exists. These qualitative control considerations include the nature and organizational structure of the investment, as well as the Astor Macro Alternative Fund’s ability to control the circumstances leading to majority ownership. All significant inter-company accounts and transactions have been eliminated in consolidation.

A summary of the net assets of AMA is as follows:

			% of Astor Macro Alternative
Inception Date of	AMA Net Assets at		Fund’s Net Assets at
AMA:	July 31, 2023		July 31, 2023
6/22/2015	$	1,891,927	10.83%

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

The results from operations of AMA were as follows:

Net investment loss	$	(567	)
Net realized loss		(533,763	)
Net change in unrealized appreciation (depreciation)		(693,956	)
Net decrease in net assets resulting from operations	$	(1,228,286	)

For tax purposes, AMA is an exempted Cayman Islands investment company. AMA has received an undertaking from the government of the Cayman Islands exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, AMA is a CFC which generates and is allocated no income which is considered effectively connected with U.S. trade or business and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, AMA’s net income and capital gain, to the extent of its earnings and profits, will be included each year in the Astor Macro Alternative Fund’s investment company taxable income.

In accordance with its investment objectives and through its exposure to the aforementioned managed futures program, the Astor Macro Alternative Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

Commodity Risk – Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk – Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Currency Risk – Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Fixed-Income Risk – When the Fund invests in fixed-income ETFs that invest in fixed -income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of the fixed-income securities owned by the Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter -term securities. Other risk factors impacting fixed-income securities include credit risk, maturity risk, market risk, extension or prepayment risk, illiquid security risks and investment -grade securities risk. These risks could affect the value of a particular investment by the Fund possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

ETF Risk – Exchange-Traded Funds (“ETFs”) are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange. ETF shares may trade at a discount or a premium in market price if there is a limited market in such shares. ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. ETFs may employ leverage, which magnifies the changes in the value of the ETFs. Finally, because the value of ETF shares depends on the demand in the market, the advisor may not be able to liquidate the Fund’s holdings at the most optimal time, adversely affecting performance. If the Fund invests a significant portion of its assets in ETFs offered by one ETF

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

sponsor, the Fund could be exposed to additional risks and losses if the sponsor’s ETFs fall out of favor in the marketplace and trading volumes cause the ETF’s market prices to decline.

You will indirectly bear fees and expenses charged by the ETFs in addition to the Fund’s direct fees and expenses.

Additional risks of investing in ETFs are described below:

(a) Strategy Risk. Each ETF is subject to specific risks, depending on the nature of the ETF. These risks could include liquidity risk and sector risk, as well as risks associated with fixed-income securities.

(b) Net Asset Value and Market Price Risk. The market value of the ETF shares may differ from their net asset value. This difference in price may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when an ETF share trades at a premium or discount to its net asset value.

(c) Tracking Risk. Investment in the Fund should be made with the understanding that the ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ability to track the applicable indices.

(d) Market Risk. The net asset value of the Fund will fluctuate based on changes in the value of the individual securities in which the Fund invests. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change or climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.

Market and Geopolitical Risk- The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change or climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. The novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

Security Transactions and Related Income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly for the Astor Dynamic Allocation Fund, the Astor Sector Allocation Fund, and the Astor Macro Alternative Fund. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax -basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Expenses – Expenses of the Trust that are directly identifiable to a specific Fund are charged to that Fund. Expenses, which are not readily identifiable to a specific Fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Funds in the Trust.

Federal Income Taxes – Each Fund complies with the requirements of the Internal Revenue Code applicable to regulated investment companies and intends to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years July 31, 2020 – July 31, 2022 or expected to be taken in the Funds’ July 31, 2023 tax returns. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The Funds identified their major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Exchange Traded Funds - The Funds may invest in ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

Impact of Derivatives on the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations

The following is a summary of the location of derivative investments on the Astor Macro Alternative Fund’s Consolidated Statement of Assets and Liabilities as of July 31, 2023.

Contract Type/Primary Risk Exposure	Balance Sheet Location	Unrealized Appreciation (Depreciation)
Commodity Risk	Net unrealized appreciation on futures contracts	$	(42,210	)
Foreign Exchange Rate Risk	Net unrealized appreciation on futures contracts		3,799
Interest Risk	Net unrealized appreciation on futures contracts		38,995
Total		$	584

The following is a summary of the location of derivative investments on the Astor Macro Alternative Fund’s Consolidated Statement of Operations for the year ended July 31, 2023:

			Realized and Unrealized Gain
		Location of Gain (Loss) on Derivatives	(Loss) on Derivatives recognized
Derivative Investment Type	Primary Risk Exposure	recognized in income	in income
Futures Contracts	Commodity Risk	Net realized loss from futures transactions	$	766,722
	Equity Risk	Net realized loss from futures transactions		(112,460	)
	Foreign Exchange Rate Risk	Net realized loss from futures transactions		(665,194	)
	Interest Risk	Net realized loss from futures transactions		(580,158	)
Total			$	(591,090	)
Futures Contracts	Commodity Risk	Net change in unrealized appreciation (depreciation) on futures contracts	$	(623,342	)
	Equity Risk	Net change in unrealized appreciation (depreciation) on futures contracts		65,493
	Foreign Exchange Rate Risk	Net change in unrealized appreciation (depreciation) on futures contracts		49,611
	Interest Risk	Net change in unrealized appreciation (depreciation) on futures contracts		(185,602	)
Total			$	(693,840	)

The amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Consolidated Statement of Operations serve as indicators of the volume of derivative activity for the Astor Macro Alternative Fund.

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

Offsetting of Financial Assets and Derivative Assets

The Astor Macro Alternative Fund’s policy is to recognize a net asset or liability equal to the unrealized gain (loss) on futures contracts. The following table shows additional information regarding the offsetting of assets and liabilities at July 31, 2023 for the Astor Macro Alternative Fund.

									Gross Amounts Not Offset in the
									Consolidated Statement of Assets &
Assets:									Liabilities
							Net Amounts of Assets
				Gross Amounts Offset			Presented in the
	Gross Amounts			in the Consolidated			Consolidated
	of Recognized			Statement of Assets &			Statement of Assets &		Financial		Cash Collateral
Description	Assets			Liabilities			Liabilities		Instruments		Pledged		Net Amount
Futures Contracts	$	169,501		$	(168,917	)	$	584	$	—	$	—	$	584
Total	$	169,501		$	(168,917	)	$	584	$	—	$	—	$	584

Liabilities:
							Net Amounts of
				Gross Amounts Offset			Liabilities Presented in
	Gross Amounts			in the Consolidated			the Consolidated
	of Recognized			Statement of Assets &			Statement of Assets &		Financial		Cash Collateral
Description	Liabilities			Liabilities			Liabilities		Instruments		Received		Net Amount
Futures Contracts	$	(168,917	)	$	168,917		$	—	$	—	$	—	$	—
Total	$	(168,917	)	$	168,917		$	—	$	—	$	—	$	—

Indemnification – The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

Security Loans - The Astor Dynamic Allocation Fund and the Astor Sector Allocation Fund have entered into a securities lending arrangement with BNP Paribas (the “Borrower”). Under the terms of the agreement, the Funds are authorized to loan securities to the Borrower. In exchange, the Funds receive cash collateral in the amount of at least 102% of the value of the securities loaned. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Borrower fails to return them.

Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of each Fund. Each Fund has the right under the securities lending agreement to recover the securities from the Borrower on demand. If the fair value of the collateral falls below 102% plus accrued interest of the loaned securities, the lender’s agent shall request additional collateral from the Borrower to bring the collateralization back to 102%. Under the terms of the securities lending agreement, each Fund is indemnified for such losses by the security lending agreement. Should the Borrower fail financially, the Funds have the right to repurchase the securities using the collateral in the open market. During the year ended July 31, 2023, the Fund did not lend out securities.

INVESTMENT TRANSACTIONS

For the year ended July 31, 2023, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. government securities, amounted to $78,770,846 and $103,344,576 respectively, for Astor Dynamic Allocation Fund, $17,725,089 and $ 22,500,474, respectively, for Astor Sector Allocation Fund, and $23,611,798 and $38,349,583, respectively, for the Astor Macro Alternative Fund.

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Astor Investment Management, LLC (the “Advisor”) is the Funds’ investment advisor. Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds (the “Advisory Agreement”), the Advisor, under the supervision of the Board, oversees the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Advisor receives a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.95% for the Astor Dynamic Allocation Fund and Astor Sector Allocation Fund’s average daily net assets and 1.45% of the Astor Macro Alternative Fund’s average daily net assets. The Advisor earned $1,045,446, $211,781 and $391,254 in management fees for the year ended July 31, 2023 from the Astor Dynamic Allocation Fund, Astor Sector Allocation Fund and Astor Macro Alternative Fund, respectively.

Pursuant to a written contract (the “Waiver Agreement”), the Advisor has agreed, at least until November 30, 2023, to waive a portion of its advisory fee and has agreed to reimburse the Funds for other expenses to the extent necessary so that the total expenses incurred by the Funds (excluding any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers, other than the Advisor) do not exceed 1.40%, 2.15% and 1.15% per annum of the Astor Dynamic Allocation Fund’s average daily net assets for Class A, Class C, and Class I shares, respectively, 1.40%, 2.15%, and 1.15% per annum of the Astor Sector Allocation Fund’s average daily net assets for Class A, Class C, and Class I shares, respectively, and 1.90% and 1.65% per annum of the Astor Macro Alternative Fund’s average daily net assets for Class A and Class I shares, respectively. Prior to November 28, 2022, the expenses for Astor Macro Alternative Fund did not exceed 2.00% and 1.75% for Class A and Class I shares, respectively.

If the Advisor waives any fee or reimburses any expense pursuant to the Waiver Agreement, and any Fund’s operating expenses are subsequently lower than their respective expense limitation, the Advisor shall be entitled to reimbursement by the Fund(s). These fee waivers and expense reimbursements are subject to possible recoupment from the Fund(s) in future years (within the three years from the date when the amount is waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the then-current expense limits. The Board may terminate this expense reimbursement arrangement at any time.

During the year ended July 31, 2023, the Advisor waived fees or reimbursed expenses of $292,013, $196,196, and $223,888 for the Astor Dynamic Allocation Fund, Astor Sector Allocation Fund, and the Astor Macro Alternative Fund, respectively, pursuant to the Waiver Agreement. As of July 31, 2023 the Advisor has waived/reimbursed expenses that may be recovered no later than July 31 of the year indicated below:

Fund	2024		2025		2026		Total
Astor Dynamic Allocation Fund	$	325,638	$	254,781	$	292,013	$	872,432
Astor Sector Allocation Fund		199,986		191,813		196,196		587,995
Astor Macro Alternative Fund		136,984		152,121		223,888		512,993

The Trust has adopted, on behalf of the Funds, the Trust’s Master Distribution and Shareholder Servicing Plans (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act with respect to Class A and Class C shares of each Fund. The Plans provide that a monthly service and/or distribution fee is calculated by the Funds at an annual rate of 0.25% of the average daily net assets attributable to such Class A shares and 1.00% of the average daily net assets attributable to Class C shares and is paid to Northern Lights Distributors, LLC (the “Distributor” or “NLD”), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Funds’ shareholder accounts, not otherwise required to be provided by the Advisor. The Plans are compensation plans, which means that compensation is provided regardless of 12b-1 expenses incurred. The Astor Dynamic Allocation

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

Fund, Astor Sector Allocation Fund and Astor Macro Alternative Fund incurred $219,490, $89,441 and $1,498 in 12b-1 fees for the year ended July 31, 2023, respectively.

The Distributor acts as each Fund’s principal underwriter in a continuous public offering of the Funds’ Class A, Class C, and Class I shares. For the year ended July 31, 2023, $1,112, $1,769 and $285 were paid to the underwriter for the Astor Dynamic Allocation Fund, Astor Sector Allocation Fund and Astor Macro Alternative Fund, respectively. Of these amounts, $177, $277 and $45 were retained by the Astor Dynamic Allocation Fund and Astor Sector Allocation Fund and Astor Macro Alternative Fund, respectively. The Advisor incurs and pays for these fees for the benefit of the Funds.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Ultimus Fund Solutions, LLC (“UFS”), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Funds.

Blu Giant, LLC (“Blu Giant”), an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives fees from the Funds.

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The below table represents aggregate cost for federal tax purposes, for the Funds as of July 31, 2023 and differs from market value by net unrealized appreciation/depreciation which consisted of:

			Gross Unrealized		Gross Unrealized			Total Unrealized Appreciation/
Fund	Aggregate Cost		Appreciation		Depreciation			Depreciation
Astor Dynamic Allocation Fund	$	97,422,328	$	3,110,397	$	(388,616	)	$	2,721,781
Astor Sector Allocation Fund		20,354,578		515,642		(41,982	)		473,660
Astor Macro Alternative Fund		15,499,732		2,640,850		(2,485,921	)		154,929

The tax character of distributions paid during the fiscal years ended July 31, 2023 and July 31, 2022 was as follows:

For fiscal year ended	Ordinary		Long-Term		Return of		Total
July 31, 2023	Income		Capital Gain		Capital		Distribution
Astor Dynamic Allocation Fund	$	1,619,362	$	3,314,770	$	—	$	4,934,132
Astor Sector Allocation Fund		188,844		908,529		—		1,097,373
Astor Macro Alternative Fund		184,245		—		116,143		300,388

For fiscal year ended	Ordinary		Long-Term		Return of		Total
July 31, 2022	Income		Capital Gain		Capital		Distribution
Astor Dynamic Allocation Fund	$	17,255,306	$	1,684,904	$	—	$	18,940,210
Astor Sector Allocation Fund		4,057,209		525,087		—		4,582,296
Astor Macro Alternative Fund		2,812,079		21,879		33,396		2,867,354

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

As of July 31, 2023, the components of accumulated earnings on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized		Total
	Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/		Accumulated
	Income		Capital Gains		Late Year Loss		Forwards			Differences		(Depreciation)		Earnings/(Deficits)
Astor Dynamic Allocation Fund	$	332,922	$	—	$	—	$	(1,411,572	)	$	—	$	2,721,781	$	1,643,131
Astor Sector Allocation Fund		—		1,325,817		—		—			—		473,660		1,799,477
Astor Macro Alternative Fund		—		—		—		(1,603,763	)		—		154,813		(1,448,950	)

The differences between book basis and tax basis undistributed net investment income, accumulated net realized gains, and unrealized appreciation from security transactions are primarily attributable to adjustments for C-corporation return of capital distributions, and the tax deferral of losses on wash sales.

At July 31, 2023, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

							CLCF
	Short-Term		Long-Term		Total		UTILIZED
Astor Dynamic Allocation Fund	$	1,411,572	$	—	$	1,411,572		—
Astor Sector Allocation Fund		—		—		—		—
Astor Macro Alternative Fund		1,386,904		216,859		1,603,763		—

During the fiscal year ended July 31, 2023, Astor Dynamic Allocation Fund and Astor Sector Allocation Fund utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the tax adjustments for prior year tax returns, the use of tax equalization credits, distributions in excess, and accumulated losses from the Fund’s wholly owned subsidiary, resulted in reclassifications for the Funds for the fiscal year ended July 31, 2023, as follows:

	Paid
	In			Accumulated
Portfolio	Capital			Earnings (Losses)
Astor Dynamic Allocation Fund	$	273,771		$	(273,771	)
Astor Sector Allocation Fund		220,615			(220,615	)
Astor Macro Alternative Fund		(1,188,555	)		1,188,555

BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of July 31, 2023 National Financial Services LLC held 30.08% of the voting securities of the Astor Dynamic Allocation Fund and may be deemed to control the Fund. As of July 31, 2023, National Financial Services LLC held 33.16% of the voting securities of the Astor Macro Alternative Fund and may be deemed to control the Fund.

UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES

The Astor Macro Alternative Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the iShares Floating Rate Bond ETF and the iShares Short Treasury Bond ETF (the “iShares ETFs”). The Astor Macro Alternative Fund may redeem its investments from these iShares ETFs at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The Astor Funds

NOTES TO FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS (Continued)

July 31, 2023

The performance of the Astor Macro Alternative Fund will be directly affected by the performance of the iShares ETFs. The annual report of the iShares ETFs, along with the report of the independent registered public accounting firm, is included in these iShares ETFs’ most recent annual report filed on Form N -CSR available at www.sec.gov. As of July 31, 2023, the percentage of the Astor Macro Alternative Fund’s net assets invested in the iShares Floating Rate Bond ETF and the iShares Short Treasury Bond ETF was 30.48% and 30.14%, respectively .

SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Astor Funds and
Board of Trustees of Northern Lights Fund Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Astor Dynamic Allocation Fund and Astor Sector Allocation Fund, and the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Astor Macro Alternative Fund (the “Funds”), each a series of Northern Lights Fund Trust, as of July 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended for Astor Dynamic Allocation Fund and Astor Sector Allocation Fund, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the consolidated financial highlights for each of the five years in the period then ended for Astor Macro Alternative Fund (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2009.

(SIGNATURE)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

September 29, 2023

COHEN & COMPANY, LTD.

800.229.1099 | 866.818.4538 fax | cohencpa.com

Registered with the Public Company Accounting Oversight Board

The Astor Funds

SUPPLEMENTAL INFORMATION (Unaudited)

July 31, 2023

Astor Investment Management, LLC Adviser to Astor Dynamic Allocation Fund (“Astor Dynamic”), Astor Macro Alternative Fund (“Astor Macro”) and Astor Sector Allocation Fund (“Astor Sector”)*

In connection with the regular meeting held on March 29-30, 2023 of the Board of Trustees (the “Trustees” or the “Board”) of the Northern Lights Fund Trust (the “Trust”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment advisory agreement (the “Advisory Agreement”) between Astor Investment Management, LLC (“Adviser”) and the Trust, with respect to the Astor Dynamic, Astor Macro and Astor Sector collectively referred to as (the “Astor Funds”). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

The Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

Nature, Extent, and Quality of Services. The Board observed that the Adviser was founded in 2001 with approximately $1.6 billion in total assets under management. The Board acknowledged that the Adviser created models and proprietary indicators to determine investment allocations. The Board noted that the Adviser mitigated risk by modeling inputs to account for changing positions, and managed other risks such as interest rate changes, durations, product liquidity, and individual product risk. The Board discussed the Adviser’s broker-dealer selection, noting that it utilized best execution practices to evaluate execution and service quality and operational proficiency. The Board recalled that the Adviser utilized a third-party cybersecurity firm to develop and monitor cybersecurity protocols and procedures, and regularly trained its employees with respect to cyber threats. The Board concluded that the Adviser continued to provide effective and quality services to each Astor Fund and its respective shareholders.

Performance.

Astor Dynamic. The Board considered the Fund’s objective of total return though capital appreciation and income, with a multi-asset tactical strategy that adjusts portfolio risk based on microeconomic variables and target beta. The Board observed that the Fund earned a four-star Morningstar category rating, outperforming its Morningstar category, peer group, and benchmark over the one-year period while outperforming its benchmark across the five-year period. The Board also recognized that the Fund demonstrated strong performance over time, outperforming its peer group over the three-year and five-year period. The Board acknowledged the Fund’s consistent underperformance against its Morningstar benchmark and discussed how the benchmark applied to this Fund. The Board observed that the Fund maintained a lower volatility

The Astor Funds

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

July 31, 2023

profile. After further discussion, the Board concluded that Astor Dynamic’s performance was satisfactory.

Astor Macro. The Board observed that the Fund utilized multiple quantitative strategies implemented over a broad variety of asset classes and countries to achieve its investment objective with lower risk than global equity markets. The Board noted that the Fund earned a four-star Morningstar category rating, while outperforming its Morningstar category and peer group for the one-year, three-year, and five-year periods. The Board recognized that the Fund underperformed its benchmark across the three-year, five-year and since inception periods and ranked in the first quartile relative to its peers, with less volatility than the benchmark. After further discussion, the Board concluded that Astor Macro’s performance was satisfactory.

Astor Sector. The Board noted the Fund’s objective of capital appreciation with less volatility than the equity market. The Board observed that the Fund earned a four-star Morningstar category rating. The Board commented that the Fund outperformed its Morningstar category and peer group across all periods. The Board concluded that the Fund’s performance demonstrated relative strength versus it peers, and performance was satisfactory.

Fees and Expenses.

Astor Dynamic. The Board evaluated the Fund’s advisory fee, noting that its advisory fee of 0.95% was below its peer group median, but higher than its Morningstar category average and median. The Board observed that the Fund’s net expense ratio of 1.15% was lower than the Fund’s peer group average and median, and slightly lower than its Morningstar category median. The Board concluded that the advisory fee for Astor Dynamic was not unreasonable.

Astor Macro. The Board observed that the Fund’s advisory fee of 1.45% and net expense ratio of 1.75% were both above their Morningstar category and peer group averages and medians. The Board noted their belief that the Advisor’s track record and performance justified the higher fees. After discussion of the information provided, the Board concluded that the Fund’s advisory fee was not unreasonable.

Astor Sector. The Board observed that the advisory fee of 0.95% for Astor Sector was in line with its peer group average and median and higher than its Morningstar category average and median. The Board acknowledged that the Fund’s net expense ratio of 1.16% was lower than its peer group average and median, below the Morningstar category average and higher than the Morningstar category median. The Board concluded that the Fund’s advisory fee was not unreasonable.

Economies of Scale. The Board considered whether economies of scale had been reached with respect to the management of each Fund. They noted that the Adviser had indicated its willingness to discuss the matter of breakpoints with the Board as each Fund increased its assets. The Board agreed that in light of the expense limitation agreements, which effectively protected shareholders from high expenses despite lower asset levels, and the Adviser’s willingness to

The Astor Funds

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

July 31, 2023

consider breakpoints as each Fund reached higher asset levels, the absence of breakpoints was acceptable.

Profitability. The Board reviewed the profitability analysis provided by the Adviser for each of the Astor Funds. The Board commented that the Adviser reported varying levels of profits for Astor Macro, Astor Dynamic, and Astor Sector. The Board considered other factors cited by the Adviser to support the level of profits, including, without limitation, continued investments in the Adviser’s strategies and the additional compliance costs and resources required for such strategies. The Board concluded that the Adviser’s profitability with respect to each Fund was not excessive.

Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that renewal of the Advisory Agreement was in the best interests of the shareholders of each of the Astor Funds.

Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Astor Funds.

The Astor Funds

SUPPLEMENTAL INFORMATION (Unaudited)

July 31, 2023

LIQUIDITY RISK MANAGEMENT PROGRAM

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, the Funds’ investment strategies and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the year ended July 31, 2023, the Board and the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Funds’ investments and they determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Board and Committee concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

The Astor Funds

SUPPLEMENTAL INFORMATION (Unaudited)

July 31, 2023

Foreign Tax Credit

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended July 31, 2023, and July 31, 2022, were as follows:

For fiscal year ended
7/31/2023	Foreign Taxes Paid		Foreign Source Income
Astor Dynamic Allocation	$	—	$	0.0036
Astor Sector Allocation		—		—
Astor Macro Alternative		0.0013		0.0076

For fiscal year ended
7/31/2022	Foreign Taxes Paid		Foreign Source Income
Astor Dynamic Allocation	$	0.0018	$	0.0172
Astor Sector Allocation		—		—
Astor Macro Alternative		—		—

The Astor Funds

Expense Examples (Unaudited)

July 31, 2023

Example

As a shareholder of a Fund you will incur two types of costs: (1) transaction costs, including sales loads and redemption fees; and (2) ongoing expenses, such as advisory fees, distribution and service fees (12b-1), and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions which may be assessed by mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Ending Account Value” shown is derived from each Fund’s actual return, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Actual Expenses Paid During Period.”

Hypothetical Examples for Comparison Purposes

The columns under the heading entitled “Hypothetical” provide information about hypothetical account value and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

					Hypothetical
			Actual		(5% return before expenses)
	Fund’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account Value	Account Value	Paid During	Account Value	Paid During
	Expense Ratio	2/1/23	7/31/23	Period(a)	7/31/23	Period

Astor Dynamic Allocation Fund – Class A	1.40%	$1,000.00	$1,039.90	$7.08	$1,017.85	$7.00
Astor Dynamic Allocation Fund – Class C	2.15%	$1,000.00	$1,035.50	$10.85	$1,014.13	$10.74
Astor Dynamic Allocation Fund – Class I	1.15%	$1,000.00	$1,041.10	$5.82	$1,019.09	$5.76
Astor Sector Allocation Fund – Class A	1.40%	$1,000.00	$1,022.90	$7.02	$1,017.85	$7.00
Astor Sector Allocation Fund – Class C	2.15%	$1,000.00	$1,020.10	$10.77	$1,014.13	$10.74
Astor Sector Allocation Fund – Class I	1.15%	$1,000.00	$1,024.60	$5.77	$1,019.09	$5.76
Astor Macro Alternative Fund – Class A	1.95%	$1,000.00	$974.00	$8.30	$1,015.12	$8.48
Astor Macro Alternative Fund – Class I	1.70%	$1,000.00	$975.60	$8.31	$1,016.38	$8.48

(a)

Actual Expenses Paid During Period are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 days and divided by 365.

The Astor Funds

SUPPLEMENTAL INFORMATION (Unaudited)

July 31, 2023

The Trustees and the executive officers of the Trust are listed below with their present positions with the Trust and principal occupations over at least the last five years. The business address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLC, P.O. Box 541150, Omaha, Nebraska 68154.

Independent Trustees

Name, Address and Year of Birth	Position/Term of Office*	Principal Occupation During the Past Five Years	Number of Portfolios in Fund Complex** Overseen by Trustee	Other Directorships held by Trustee During the Past Five Years
Mark Garbin Born in 1951	Trustee Since 2013	Managing Principal, Coherent Capital Management LLC (since 2007).	3	Northern Lights Fund Trust (for series not affiliated with the Funds since 2013); Two Roads Shared Trust (since 2012); Forethought Variable Insurance Trust (since 2013); Northern Lights Variable Trust (since 2013); OHA Mortgage Strategies Fund (offshore), Ltd. (2014 - 2017); and Altegris KKR Commitments Master Fund (since 2014); Carlyle Tactical Private Credit Fund (since March 2018) and Independent Director OHA CLO Enhanced Equity II Genpar LLP (since June 2021).
Mark D. Gersten Born in 1950	Trustee Since 2013	Independent Consultant (since 2012).	3	Northern Lights Fund Trust (for series not affiliated with the Funds since 2013); Northern Lights Variable Trust (since 2013); Two Roads Shared Trust (since 2012); Altegris KKR Commitments Master Fund (since 2014); previously, Ramius Archview Credit and Distressed Fund (2015-2017); and Schroder Global Series Trust (2012 to 2017).
Anthony J. Hertl Born in 1950	Trustee Since 2005; Chairman of the Board since 2013	Retired, previously held several positions in a major Wall Street firm including Capital Markets Controller, Director of Global Taxation, and CFO of the Specialty Finance Group.	3	Northern Lights Fund Trust (for series not affiliated with the Funds since 2005); Northern Lights Variable Trust (since 2006); Alternative Strategies Fund (since 2010); Satuit Capital Management Trust (2007-2019).
Gary W. Lanzen Born in 1954	Trustee Since 2005	Retired (since 2012). Formerly, Founder, President, and Chief Investment Officer, Orizon Investment Counsel, Inc. (2000-2012).	3	Northern Lights Fund Trust (for series not affiliated with the Funds since 2005) Northern Lights Variable Trust (since 2006); AdvisorOne Funds (since 2003); Alternative Strategies Fund (since 2010); and previously, CLA Strategic Allocation Fund (2014-2015).
John V. Palancia Born in 1954	Trustee Since 2011	Retired (since 2011). Formerly, Director of Futures Operations, Merrill Lynch, Pierce, Fenner & Smith Inc. (1975-2011).	3	Northern Lights Fund Trust (for series not affiliated with the Funds since 2011); Northern Lights Fund Trust III (since February 2012); Alternative Strategies Fund (since 2012) and Northern Lights Variable Trust (since 2011).
Mark H. Taylor Born in 1964	Trustee Since 2007; Chairman of the Audit Committee since 2013	PhD (Accounting), CPA; Professor and Director, Lynn Pippenger School of Accountancy, Muma College of Business, University of South Florida (2019 – present); Professor and Department of Accountancy Chair, Case Western Reserve University (2009-2019); President, American Accounting Association (AAA) commencing August 2022 (President-Elect 2022-2023, President 2023-2024; Past President 2024- 2025). AAA Vice President-Finance (2017-2020); President, Auditing Section of the AAA; Member, AICPA Auditing Standards Board (2009-2012); Academic Fellow, Office of the Chief Accountant, United States Securities Exchange Commission (2005-2006); Center for Audit Quality research grants (2014, 2012).	3	Northern Lights Fund Trust (for series not affiliated with the Funds since 2007); Alternative Strategies Fund (since 2010); Northern Lights Fund Trust III (since 2012); and Northern Lights Variable Trust (since 2007).

7/31/23 – NLFT_v1

The Astor Funds

SUPPLEMENTAL INFORMATION (Unaudited) (Continued)

July 31, 2023

Officers

Name, Address and Year of Birth	Position/Term of Office*	Principal Occupation During the Past Five Years	Number of Portfolios in Fund Complex** Overseen by Trustee	Other Directorships held by Trustee During the Past Five Years
Kevin E. Wolf Born in 1969	President, Principal Executive Officer Since June 2017	Executive Vice President, Head of Fund Administration, and Product; Ultimus Fund Solutions, LLC (since 2020); Vice President of The Ultimus Group, LLC (since 2019); Executive Vice President, Gemini Fund Services, LLC (2019-2020); President, Gemini Fund Services, LLC (2012-2019); Treasurer of the Trust (2006-June 2017).	N/A	N/A
James Colantino Born in 1969	Treasurer, Principal Accounting Officer Since June 2017	Senior Vice President Fund Administration, Ultimus Fund Solutions (since 2020); Senior Vice President Fund Administration, Gemini Fund Services, LLC (2012-2020); Assistant Treasurer of the Trust (2006-June 2017).	N/A	N/A
Stephanie Shearer Born in 1979	Secretary Since February 2017	Assistant Secretary of the Trust (2012-February 2017); Associate Director, Ultimus Fund Solutions (since 2022); Manager of Legal Administration, Ultimus Fund Solutions (2020-2022); Manager of Legal Administration, Gemini Fund Services, LLC (2018-2020);	N/A	N/A
Michael J. Nanosky Born in 1966	Chief Compliance Officer Since January 2021	Chief Compliance Officer, of the Trust (since January 2021); Vice President-Senior Compliance Officer, Ultimus Fund Solutions (since 2020); Vice President, Chief Compliance Officer for Williamsburg Investment Trust (2020-current); Senior Vice President- Chief Compliance Officer, PNC Funds (2014-2019).	N/A	N/A

The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

As of July 31, 2023, the Trust was comprised of 65 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Funds in the Trust advised by the Fund’s Adviser. The Funds do not hold themselves out as related to any other series within the Trust that is not advised by the Fund’s Adviser.

The Funds’ SAI includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-877-738-0333.

7/31/23 – NLFT_v1

PRIVACY NOTICE

Northern Lights Fund Trust

Rev. April 2021

FACTS

WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depends on the product or service that you have with us. This information can include:

● Social Security number and wire transfer instructions

● account transactions and transaction history

● investment experience and purchase history

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Northern Lights Fund Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Northern Lights Fund Trust share information?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For nonaffiliates to market to you	NO	We don’t share

QUESTIONS?

Call 1-631-490-4300

PRIVACY NOTICE

Northern Lights Fund Trust

Page 2

What we do:

How does Northern Lights Fund Trust protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Northern Lights Fund Trust collect my personal information?

We collect your personal information, for example, when you

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● seek advice about your investments

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

● sharing for affiliates’ everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

● sharing for nonaffiliates to market to you.

State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● Northern Lights Fund Trust does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● Northern Lights Fund Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● Northern Lights Fund Trust doesn’t jointly market.

PROXY VOTING POLICY

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-877-738-0333 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-844-798-3833.

ADVISOR

Astor Investment Management, LLC

111 South Wacker Dr. Suite 3950

Chicago, Illinois 60606

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

AST-AR23

(b)

Not Applicable

Item 2. Code of Ethics.

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) During the period covered by this report, there were no amendments to any provision of the code of ethics.

(c) During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

Item 3. Audit Committee Financial Expert.

(a)(1) The registrant’s Board of Trustees has determined that Mark Taylor is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Taylor is independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) In this regard, no member of the audit committee was identified as having all of the required technical attributes identified in instruction 2 (b) to item 3 of Form N-CSR to qualify as an “audit committee financial expert,” whether through the type of specialized education or experience required by that instruction. At this time, the board believes the experience provided by each member of the audit committee collectively offers the fund adequate oversight by its audit committee given the fund’s level of financial complexity. The board will from time to time reexamine such belief.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees

2023 - $ 47,000

2022 - $ 45,500

(b)

Audit-Related Fees

2023 - None

2022 - None

(c)

Tax Fees

2023 – $ 11,000

2022 – $ 8,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)

All Other Fees

2023 - None

2022 - None

(e)

(1) Audit Committee’s Pre-Approval Policies

The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

(2)

Percentages of Services Approved by the Audit Committee

2023 2022

Audit-Related Fees: 0.00% 0.00%

Tax Fees: 0.00% 0.00%

All Other Fees: 0.00% 0.00%

(f)

During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

2023 - $ 11,000

2022 - $ 8,000

(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments. See Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Code of Ethics herewith.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Northern Lights Fund Trust

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Executive Officer/President

Date 10/3/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Executive Officer/President

Date 10/3/2023

By (Signature and Title)

/s/ Jim Colantino

Jim Colantino, Principal Financial Officer/Treasurer

Date 10/3/2023